McDonald's Corp's (NYSE:MCD) new chief executive on Monday laid out initial plans for luring back customers, boosting sales and transforming the world's biggest restaurant chain by revenue into a "modern, progressive burger company."
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The plans include organizing McDonald's business around four new operating divisions, selling restaurants to franchisees, cutting corporate costs, improving food quality and taking layers out of its "cumbersome" management structure.
"I will not shy away from the urgent need to reset this business," said CEO Steve Easterbrook, who took the helm on March 1 following one of McDonald's most dismal years on record.
Shares in McDonald's fell 0.5 percent to $97.30 in premarket trading.
(Reporting by Lisa Baertlein in Los Angeles; Editing by Alden Bentley)